3 trends that defined Miami’s housing market in January

In its monthly market report, Redfin dissected dozens of markets across the nation and found that in January, buyers typically faced three challenges: rising prices, low inventory and a fast market.

That was certainly true in Miami.

Prices continue climbing

The city’s median home price hit $265,000 after rising 12.8 percent year over year.

City

Median Sale Price

Month Other Month % Change

Year Over Year % Change

Miami

$265,000

3.90%

12.80%

Sales were also up…from last year

There was a significant, 17.4-percent decline in sales in Miami from Dec. 2016 to January. But the decrease is less a reflection of how the market is currently moving and more a sort of reverse rebound from the sales spike the market saw at the end of last year. Looking a the more consistent year-over-year change, sales were still in decline, but at a much slower rate of 10 percent.

City

Homes Sold

Month Over Month % Change

Year Over Year % Change

Miami

2,208

-17.40%

10.10%

Inventory is down, new listings are down

A trend that spanned the country in January was a drop in for-sale homes, but not in Miami. From Jan. 2016 to Jan. 2017, the number of homes up for sale in the city increased 2.2 percent percent. The increase was remarkable when compared to other major metros, where drops were in the double digits. In Boston, for-sale homes dropped more than 27 percent, in Denver 28 percent, and in Seattle the market lost 30 percent of its for-sale inventory year-over-year.